Strike a balance between sub-limits and affordability

Galaxy Health Insurance has launched Galaxy Privilege, a senior citizen plan that covers pre-existing diseases (PEDs) within a year of purchasing the policy.

- HIMALI PATEL

Even as health insurance policies for seniors evolve, elders need to carefully select a policy that offers adequate coverage while fitting into their budgets.

Challenges for seniors

Age-related health risks make purchasing a policy a challenge for senior citizens. Insurers may reject proposals or load premiums heavily after medical tests reveal health issues. Policies also become costlier. "As we get older, our health risks increase, and this makes health insurance significantly more expensive for seniors," says G. Srinivasan, managing director and chief executive officer (MD & CEO), Galaxy Health Insurance.

"As the age bracket changes, the premium rate increase can be quite high, raising affordability issues," says Hari Radhakrishnan, expert, Insurance Brokers Association of India (IBAI).

Policies for seniors also come with several types of waiting periods, of which the most significant is the one for pre-existing diseases (PEDs). It can range from one to three years.

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